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Garden State possible Hub of Bit-Coin development

Updated on February 11, 2015

What can a region do to ENCOURAGE Bit-Coin development?

Whatever you "do" - do not try to regulate it. Nine business owners and legal experts tried to make a positive impression on New Jersey legislators last week, "pitching" why the Garden State SHOULD be a hub of Bit-Coin development in the Nation.

what did they discuss during the Feb 5, 2015 hearing?

  • Entrepreneurial potential of Bit-Coin
  • Regulation
  • The Mt-Gox exchange-failure
  • Bit-License
  • Blockchain Global Policy - future

First and foremost, Bit-Coin is a creature that, upon the first sign of heavy regulation or centralized control. It will run off and "live" from the corners, and dark places. So either the "powers that be" will accept this as a term of fundamental business relationships with Bit-Coin. Or the deals are "off".

So if anyone wishes to benefit from the "cash flow", the entire idea of Bit-Coin is to ALLOW IT ROOM TO BREATHE, GROW, and support the population for which it is intended.

And the surroundings of it's environment will then BENEFIT from the increased business activity. As any good symbiotic-relationship is supposed to run.

If a region wants to encourage development (openly) environment has to be created which welcomes digital currency developers and startup companies, where the new ideas can flourish without the stifling associated with regulation. The New jersey legislators started by questioning on the "Mt-Gox" issue.

For those of you who never heard of this company, "Mount-Gox" was ("is") a Japan-Based Bit-Coin exchange. In fact, it was the largest such exchange and it has seen a couple of difficulties. It was forced to shut down and return funds last year. This sparked a major depression of the Bit-Coin price index.

The most avid (and intelligent) Bit-Coin evangelists will tell you that they have been suspicious of Mt-Gox's practices from early-on in the game. notably Andreas Antonopoulos, who literally "wrote the book" on "How to Master Bit coin" (from a programmers perspective). Can be found stating that he "knew" that "Mt-Gox" was going to "cause an issue" within the Bit-Coin community.

What is Mt-Gox's greatest "sin"?

They were actually a point of "centralization". Mt-Gox sets itself up like the very banks, that the entire Bit-Coin philosophy is against. Mt-Gox, held all security keys to (most of) their clients. (When the entire idea behind Bit-Coin is that YOU (the individual) are supposed to be more responsible... not your brokers or bankers.) Right There- Mt-Gox was-is in a fundamental "violation" of the entire philosophy behind Bit-Coin (decentralized control). So, upon claims of hacking or mismanagement and incompetence, Mt-Gox has been the center of a philosophical "firestorm" within the Bit-coin community. Mt-Gox is the biggest "accident" upon an otherwise, successful new currency.

The "BitLicense" proposal was revised by the New York Department of Financial Services, and the new draft was released last week, and presented also to the New Jersey legislature for discussion.

Between the New York - "BitLicense" proposal and Mount-Gox, the primary topic was actually how NOT to regulate Bit-Coin.

Andreas Antonopoulos was not allowed in the Hearing

If New Jersey does this by choice (rapidly and soon)

There IS the potential for new tax-revenue, growth of capital investors, as WELL as being a "home for digital currency", and the associated pride of being on the cutting edge of one of the most rapidly growing sectors of technology and economy.

Marco Santori is a New York based attorney and is a "Blockchain global policy" counsel specialist. And he pointed out the obvious advantages to being a leader in the "new economy" saying...

" A lot of money that could be spent creating New Jersey jobs, leasing New Jersey office space, leasing New Jersey apartments, buying meals from new Jersey restaurants, and paying New Jersey taxes, and employing New Jersey residents... is right now being spent in New York, and California..."

Jerry Brito of Washington-DC's "Coin-Center"

Jerry Brito - offered the assistance of his organization to the panel for any future reference. And he called for clarity on how either new laws or existing statutes will apply to businesses in the "Crypto-Currency-Space".

"This technology - we don't know where it's going. But there are many positive uses, and we want to make sure those uses meet their potential."

"we want to make sure Bit-Coin meets it's potential"


Yes, I've heard Warren Buffets "assessment" of Bit-Coin, and HE ("The Oracle of Omaha") can be found publicly stating "Bit Coin is worthless"... Very interesting yes?

You certain you don't want to re-evaluate "potentials" here, Mr. Buffet?

There is definitely "something" going on in this "alt-currency" world.

Warren Buffets "opinion"

Warren Buffet, while he IS an "experienced" investor and financial "guru". Here in this video states that Bit-Coin is a "mirage". He believes that Bit-Coin is essentially worthless.

Apparently Warren Buffet has NOT heard the "assessments" of the American Dollar's value, nor the assessment of the United States (actual) Bond-Value ratings by people or countries OTHER THAN, the United States.

I am unsure of where Mr. Buffet has gotten his financial "advice" from, but it seems that some of the "Billionaires" from around the globe need to inform him, that they have very very little confidence in the American Dollar OR the American Financial systems. ... I dunno, maybe I have "misheard" the news.

But it SOUNDS to me, like they said the U.S. Dollar is "backed by NOTHING".

So, how IS Greece?... Iceland? ... Argentina?

Here in the U.S. my ears are just CLOGGED with "milk and honey" I guess.

I'll see your "Buffet" and raise you a "Goodman"


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